USD/SGD: 21-DMA CAPS UPSIDE FOR NOW – OCBC
USD/SGD’s rebound post-NFP last Fri stumbled at 21-DMA, OCBC FX strategist Frances Cheung and Christopher Wong note.
Waiting for US CPI later this evening
“Broader decline in UST yields, USD and the JPY strength this morning saw USD/SGD eased lower. S$NEER was last estimated at ~1.91% above our model-implied mid, with model implied spot lower bound at 1.3010. With S$NEER close to its lower bound, the room for further downside in USD/SGD may be limited intra-day.”
“However, if broader USD takes another leg lower, then the implied lower bound of USD/SGD can be lower. Pair was last at 1.3025. Daily momentum is mild bullish while RSI fell. Consolidation likely near recent lows as markets await FOMC decision next week.”
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.